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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of economic net income by segment year ended December 31, 2019 (in millions):
 
Quant & Solutions
 
Alter-natives
 
Liquid Alpha
 
Other
 
Reconciling Adjustments
 
Total U.S. GAAP(1)
ENI revenue
$
380.6

 
$
166.5

 
$
263.8

 
$
0.4

 
$
8.2

(a)
$
819.5

 
 
 
 
 
 
 
 
 
 
 
 
ENI operating expenses
160.6

 
66.9

 
78.8

 
35.4

 
(17.0
)
(b)
324.7

Earnings before variable compensation
220.0

 
99.6

 
185.0

 
(35.0
)
 
25.2

 
494.8

Variable compensation
75.6

 
36.7

 
62.4

 
10.0

 
14.7

(c)
199.4

ENI operating earnings (after variable comp)
144.4

 
62.9

 
122.6

 
(45.0
)
 
10.5

 
295.4

Affiliate key employee distributions
6.4

 
23.0

 
23.7

 
—

 
(8.0
)
(d)
45.1

Earnings after Affiliate key employee distributions
138.0

 
39.9

 
98.9

 
(45.0
)
 
18.5

 
250.3

Net interest income (expense)
—

 
—

 
—

 
(21.0
)
 
(9.0
)
(e)
(30.0
)
Net investment income
—

 
—

 
—

 
—

 
37.7

(f)
37.7

Net income attributable to non-controlling interests in consolidated Funds
—

 
—

 
—

 
—

 
(16.1
)
(f)
(16.1
)
Income tax (expense) benefit
—

 
—

 
—

 
(50.0
)
 
32.0

(h)
(18.0
)
Economic net income
$
138.0

 
$
39.9

 
$
98.9

 
$
(116.0
)
 
$
63.1

 
$
223.9


The following table presents the financial data for the Company’s three segments for the year ended December 31, 2018 (in millions):
 
Quant & Solutions
 
Alter-natives
 
Liquid Alpha
 
Other
 
Reconciling Adjustments
 
Total U.S. GAAP(1)
ENI revenue
$
389.0

 
$
218.1

 
$
311.6

 
$
0.4

 
$
9.1

(a)
$
928.2

 
 
 
 
 
 
 
 
 
 
 
 
ENI operating expenses
146.3

 
61.8

 
84.5

 
43.1

 
196.2

(b)
531.9

Earnings before variable compensation
242.7

 
156.3

 
227.1

 
(42.7
)
 
(187.1
)
 
396.3

Variable compensation
86.2

 
58.9

 
73.9

 
11.7

 
5.2

(c)
235.9

ENI operating earnings (after variable comp)
156.5

 
97.4

 
153.2

 
(54.4
)
 
(192.3
)
 
160.4

Affiliate key employee distributions
9.5

 
34.1

 
33.0

 
—

 
—

 
76.6

Earnings after Affiliate key employee distributions
147.0

 
63.3

 
120.2

 
(54.4
)
 
(192.3
)
 
83.8

Net interest income (expense)
—

 
—

 
—

 
(13.6
)
 
(8.1
)
(e)
(21.7
)
Net investment income
—

 
—

 
—

 
—

 
53.1

(f)
53.1

Net income attributable to non-controlling interests in consolidated Funds
—

 
—

 
—

 
—

 
6.1

(f)
6.1

Revaluation of DTA deed
—

 
—

 
—

 
—

 
20.0

(g)
20.0

Income tax (expense) benefit
—

 
—

 
—

 
(62.7
)
 
57.7

(h)
(5.0
)
Gain (loss) on disposal of discontinued operations, net of tax
—

 
—

 
—

 
—

 
0.1

(f)
0.1

Economic net income
$
147.0

 
$
63.3

 
$
120.2

 
$
(130.7
)
 
$
(63.4
)
 
$
136.4


The following table presents the financial data for the Company’s three segments for the year ended December 31, 2017 (in millions):
 
Quant & Solutions
 
Alter-natives
 
Liquid Alpha
 
Other
 
Reconciling Adjustments
 
Total U.S. GAAP(1)
ENI revenue
$
368.5

 
$
186.1

 
$
335.1

 
$
11.0

 
$
(13.3
)
(a)
$
887.4

 
 
 
 
 
 
 
 
 
 
 
 
ENI operating expenses
126.6

 
57.4

 
82.1

 
48.0

 
177.0

(b)
491.1

Earnings before variable compensation
241.9

 
128.7

 
253.0

 
(37.0
)
 
(190.3
)
 
396.3

Variable compensation
79.2

 
48.7

 
86.9

 
28.6

 
8.8

(c)
252.2

ENI operating earnings (after variable comp)
162.7

 
80.0

 
166.1

 
(65.6
)
 
(199.1
)
 
144.1

Affiliate key employee distributions
8.6

 
26.8

 
37.7

 
—

 
—

 
73.1

Earnings after Affiliate key employee distributions
154.1

 
53.2

 
128.4

 
(65.6
)
 
(199.1
)
 
71.0

Net interest income (expense)
—

 
—

 
—

 
(18.8
)
 
(4.9
)
(e)
(23.7
)
Net investment income
—

 
—

 
—

 
—

 
42.9

(f)
42.9

Net income attributable to non-controlling interests in consolidated Funds
—

 
—

 
—

 
—

 
(4.9
)
(f)
(4.9
)
Revaluation of DTA deed
—

 
—

 
—

 
—

 
51.8

(g)
51.8

Income tax (expense) benefit
—

 
—

 
—

 
(70.4
)
 
(62.4
)
(h)
(132.8
)
Gain (loss) on disposal of discontinued operations, net of tax
—

 
—

 
—

 
—

 
(0.1
)
(f)
(0.1
)
Economic net income
$
154.1

 
$
53.2

 
$
128.4

 
$
(154.8
)
 
$
(176.7
)
 
$
4.2

 
 
(1)
The U.S. GAAP equivalent of ENI revenue is U.S. GAAP revenue. The U.S. GAAP equivalent of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation and Affiliate key employee distributions above. The U.S. GAAP equivalent of earnings after Affiliate key employee distributions is U.S. GAAP operating Income. The U.S. GAAP equivalent of Economic Net Income is U.S. GAAP net income attributable to controlling interests.
Revenue from External Customers by Geographic Areas nt fee revenue by principal geographic area is comprised of the following for the years ended December 31, 2019, 2018 and 2017 (in millions):
 
Years ended December 31,
 
2019
 
2018
 
2017
U.S.
$
607.0

 
$
687.6

 
$
666.2

Non-U.S.
200.0

 
217.4

 
191.8

Management fee revenue
$
807.0

 
$
905.0

 
$
858.0